If the financial crisis came from America, one of its main instigators was Gordon's friend and adviser

TaxCutter

Maybe Gordon could win popularity by implementing this measure just announced in the Irish budget

Finance minister Brian Lenihan said that ministers will surrender 10pc of their current
pay for the next year, and secretary generals of government
departments had offered to take a similar cut

And he said other senior civil servants might want to do the same

libby

This is all getting a bit Republican smear tactics for me.

When I hear someone talking about a politician's friends I instinctively feel there can't be much to criticise the politician for.

Maybe thats just me

Dirty Euro

He has saved the planet's economy. He is now the leader for free world. Leading the way like a new Churchill, except he leads Churchill needed the USA, . You tories must be proud of our country leader for saying us.

William Norton

Libby: it's just you.

Fergus Pickering

Come, come, Libby. Alan Greenspan is not a 'friend' of Gordon Brown, a chap he meets down the pub for a couple of jars and a game of darts.

Brown says he has never supported the American economic policy that put us all in this mess. But he has appointed Alan Greenspan who is the architect of said policy as an advisor to the British Government. It is surely hardly a baseless smear to say that Brown supports the American policy, the one that put us all in this mess. So Brown is complicit in the global failure. The chain of reasoning seems quite clear, don't you think?

mac

@ DES: "He has saved the planet's economy." Once again, let me invite you to leave us mere earthlings and return to Planet Zog. Please.

TrevorsDen

Good ol' Brown has used up 37 billion - BILLION to cover up his own regulatory failure - and his Greenspan inspired credit bubble.

Only last year he was spouting about how wonderful the City was with its light touch risk based regulation and how this was going to be the new world model.

Not any more it aint. Our banks went for get rich quick with toxic debts with govt regulation blessing. Nothing blew in - it all blew up, in Browns face.

RISK based? - if only

The American policy which it is alleged led us into this mess was in fact Clintons policy of forcing banks to give loans to bad risks. The Democrats voted down attempts to change it.

Hank The Hunk

"A crucial part of Gordon Brown’s plan for getting away from the financial crisis with his reputation enhanced is to treat it as something nasty that blew in off the Atlantic"

Well Greenspan worked for Bush and blew in off the Atlantic.

The false memory syndrome on this blog is astounding.

I'm no fan of GB and will be voting for Dave but he does some deserve some credit on this.

Fraser is just pissed that he bought a house in W11 at the top of the market, no doubt on a huge mortgage that has just more expensive and can sound off on this blog. Well mate it's your fault not Gordon's.

Huw Thornton

This is pretty ingenious stuff, James.

Alan Greenspan was also a friend and adviser to Ronald Reagan, Bill Clinton and George Bush (father and son). One thing that you cannot say about Alan Greenspan is that he neglects to make friends with the rich and powerful. Gordon Brown did not exactly pluck him from obscurity.

Pete

I'm a bit suspicious of all this.

I remember that not very long ago Brown and Darling were regularly accused of driving down confidence by their pronouncements.

Confidence went so far down it froze!

Next thing they pop up and start nationalising the banks, a step toward the very thing that Darling had been advocating as a young Socialist.

No wonder they are looking so happy and smug!

Dirty Euro

Mac you are an narrow minided bore .

Dirty Euro

Mac Please explain how when the PM came up with the plan and everyone is copying it how what i am saying is outlandish. Do you read apapers or are you a taxi cabbie.

Dirty Euro

Mac you go back to the planet Uranus.

Ken

Beeb's File on Four tonight: Brown just been blamed four square for the entire crisis. US class action lawyers are focusing on Barclays in UK, Lehman Bros exdirectors, regulatory authorities on both sides of the Atlantic and ratings agencies, for misselling and misrating toxic debt packages. Since coming to power in 1997 and introducing the FSA, New Labour is said to be entirely to blame for the "London and NY race to the bottom" in light touch regulation stakes. Ironically as taxpayers now own the banks guess who will meet the final settlement bill? Methinks the fun is just begun.

mac

Yes DES, I read apapers. Wot apapers do you aread?

David Short

The only way in which the new Spectator under its current owners and management resembles the old one is its almost fetishistic hankering for old Etonians to be in power.

This seems the reason why its daily web headlines are against Gordon Brown.

But it's hard to understand. At least the previous people who ran the Spectator came from the same privileged background as the Cameroons, and three of its recent editors, Charles Moore, Dominic Lawson and Boris Johnson had attended Eton.

But the three people who seem to dictate editorial policy, Nelson, Forsyth and Neil, don't come from the top drawer.

Very puzzling.

Frank O'Connell

Greenspan has been a disaster as the lighthouse keeper, how many times have ships hit the rocks.
Paul Volker was much safer for all of us.

Bob.India

From the Telegraph of 15 Oct 08 - Michael Saunders, the chief UK economist at Citigroup, the world's biggest bank, said: "In the UK, some might say that the country is leading the way in terms of the appropriate policy responses to the crisis. But, any sense of self-congratulation among UK policymakers must be tempered by acknowledgement that the UK is more vulnerable than most countries to the financial crisis, as the result of the massive debt-fuelled boom of recent years. The UK is among those leading the way into recession, housing collapse and soaring unemployment."

Should our Shadow Chancellor not be shouting this message from the rooftops rather than leaving it to Mr Saunders?

Fergus Pickering

Fraser is not pissed. I am sure he is not. He is pissed off.

Tom

Why hasn't Greenspan said anything or written an article about this whole mess? Seems to me though that whoever sticks their head out the most, regardless of what they're doing, gets the most stick. I think GWB has the right idea by generally keeping quiet about the whole thing.

Hugh

TrevorsDen
(Coffehouse_Forsyth_141008_1608)
“The American policy which it is alleged led us into this mess was in fact Clintons policy of forcing banks to give loans to bad risks. The Democrats voted down attempts to change it.”

Dennnis Sewell's article set out the history of the Democrats success in undermining the application of sound banking principles. Can you give a reference for your second statement, that “the Democrats voted down attempts to change it”

The third error seems to have been made by the current Republican Administration, who loosened the capital requirements on the American merchant banks. Can anyone comment on or give reference for that.

Dirty Euro

Mac I read papers what the heck is aparers.

Notting Hill Billy

So David Short, do you know where Nelson, Forsyth and Neil went to school?

David Short

I know where Brillo Pad went to school because he has made it public.

David Short

And Notting Hill Billy, this is my real name.

I don't hide.